Group Report 2025/6

The future is solar.

RA-ESG PLC funds and operates sustainable energy projects across emerging markets — 11 projects across 14 countries totalling 2.1 GW capacity and $2.8 billion in project valuations.

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No sun. No life.

For over 3,000 years the Egyptian sun-god Ra was worshipped as the deity that created all life. Today, we have not yet tapped the enormous source of energy offered by our sun. Solar power is free, clean energy that will reduce our planet's carbon footprint year after year.

The unpopulated Sahara desert — just 9 million km² — covered in solar panels would generate 630 terawatts. Our entire planet uses 15. Yet 600 million people in Africa alone do not have access to electricity.

"The growing competitiveness of renewable energy continues to provide the most compelling pathway to the decarbonisation of the global energy system."
— Francesco La Camera, Director General, IRENA
2025 Snapshot

A pipeline measured in gigawatts.

Initially planned as a year of consolidation, 2025 turned into a period of tremendous market penetration and growth. The group now holds 2.1 GW of potential capacity translating to 5,000 GWh annual output or ±$380M in revenue.

Fixed Assets 2025
$0M
Long-term solar infrastructure assets.
Net Assets 2025
$0M
Liabilities under 30% of total assets.
Pipeline Capacity
0GW
11 projects across 14 countries.
Pipeline Output
0GWh
Annual generation at full pipeline.
Annual Revenue
$0M
Projected at current pipeline output.
Project Valuations
$0B
Aggregate DCF valuation across all sheets.
Assets / Liabilities
Group liabilities under 30% of total assets.
Investor Security
Bonds and equity under 4% of fixed assets. 25:1 risk coverage.
Project Retention
Average annual revenue per retained project.
Project Sale ROI
Annual ROI if disposed of at commissioning.

Company history

2023–2024

Listing of financial instruments on EU Stock Exchange, Euroclear, Clearstream and Bloomberg.

2024

Initiation of Government Public-Private-Partnership schemes. Phase 1 of proprietary solar project software. Acquisition of 100MW Puri Farm project.

2025

Incorporation of US subsidiary. 7 new projects online totalling ±2GW. Opening of Mauritius, Johannesburg and Harare offices. Acquisition of Decimate Building Management systems and RA-Guard. Acquisition of Msonga Mine contract and holdings.

Worldwide footprint

14 countries. 11 projects. One mission.

HQ in London (UK) and Mauritius. Regional offices in South Africa, Zimbabwe, Mexico, India, UAE and the USA. 80% of pipeline capacity sits in sub-Saharan Africa — predominantly grid-connected, government-backed 100 MW+ facilities.

Mauritius×3
South Africa×2
Zimbabwe×4
Botswana×1
Namibia×1
Mozambique×1
Tanzania×1
Portugal×1
Italy×1
Croatia×1
Montenegro×1
Belize×1
Colombia×1

Local offices

HQ: London & Mauritius · Representative: Mexico · Delaware-USA · Johannesburg-South Africa · Harare-Zimbabwe · Dubai-UAE · Tamil Nadu-India

The solar thesis

The cheapest energy on the planet — and falling.

Solar PV is the fastest growing energy source on the planet, contributing over half of all new renewable capacity. Module costs have dropped 90% since 2015. China alone has installed 1,250 GW (+32% YoY).

90%

Drop in global solar PV module costs since 2015. Total system costs down 83%.

51%

Of the world's solar energy is produced by BRICS economies. China leads with 1,250 GW.

35×

Growth in global solar generation between 2010 and 2020 alone. Still only 7% of global electricity.

Capital cost per kW capacity

Solar is built for 5× less than nuclear.

The simplest comparison: dollars spent to construct one kilowatt of capacity. Solar PV is the lowest-CAPEX, lowest-fuel, zero-emissions option on the table. It generates for 20–30 years with minimal staffing or maintenance.

USD per kW installed capacity
Nuclear
$7,500
Offshore Wind
$5,000
Biomass
$4,500
Coal
$4,000
Geothermal
$3K–$25K
Hydro
$3K–$10K
Solar PV
$1,500
25-year LCOE trend

Solar's cost has collapsed. Nuclear and coal are climbing.

The levelised cost of electricity (LCOE) for newly-commissioned utility-scale solar PV declined 88% between 2010 and 2024 — while nuclear and coal moved the other way (IRENA 2022 Renewable Power Generation Costs).

LCOE 2000–2025 — USD per Megawatt-hour
600 450 300 150 0 2000 2005 2010 2015 2025
Solar PV (utility-scale)
Onshore Wind
Nuclear
Coal
Solar
0%
Wind
0%
Nuclear
+0%
Coal
+0%
Global solar generation

From 1.2 TWh to 2,800 TWh in 25 years.

One of the fastest technological uptakes in history. Solar has moved beyond a supplementary power source to a central pillar of global grid stability and decarbonisation.

Solar generation in terawatt-hours (TWh)
3000 2000 1000 500 0 2000 2010 2020 2025 Inception (1.2 TWh) Early commercialisation Market integration (855 TWh) Global dominance — 2,800 TWh
Our business divisions

Four divisions. One ecosystem.

The core business is large-scale solar — explored, certified, engineered, constructed and funded end-to-end. Three adjacent divisions sit alongside.

Core

Solar Farms

Exploration, study, certification, engineering, procurement, construction and funding of utility-scale solar facilities. Proprietary software accelerates every step.

Software

RA-Decimate

Cloud-based building & infrastructure analytics. SMART self-analysing active energy reduction across HVAC, lighting, CCTV and more.

Hardware

RA-Guard

Surface-bonding sanitiser technology. Monomolecular layer kills 99% of airborne viruses — for high-volume personnel environments.

Commodity

RA-Gold

Bespoke energy agreements with industrial gold mines — paid in gold bullion at discounted rates. Mining is 60–70% energy by cost.

RA-Decimate

Real-time actionable building intelligence.

Decimate is a cloud-based building intelligence platform that seamlessly integrates with existing site infrastructure. It delivers real-time visibility and centralised control across critical assets — HVAC, lighting, CCTV, refrigeration, motors — by monitoring temperature, motor speed and status signals.

The platform incorporates advanced capabilities to trace wasted energy usage across both the main supply and local distribution networks, supporting precise identification of inefficiencies and targeted corrective actions.

  • 35+ features including intuitive control, remote monitoring, CAFM and Smart Automation.
  • Permanent live monitoring and automated data analysis.
  • Reactive switching to trace and eradicate wasteful energy use.
  • Proactive fault detection and streamlined compliance reporting.
  • Available on iOS and Android app stores.
RA-Decimate app + dashboard mockup
Buildings using Decimate
0+
Average instant energy savings
0%
RA-Guard

Surface-bonding sanitiser that stays active.

Even with the highest level of manual cleaning, surfaces are at continual risk of contamination. Mechanical ventilation systems provide ideal conditions for microbial growth and the spread of viruses such as influenza and coronavirus throughout building users.

RA-Guard forms a monomolecular layer that adheres to ductwork surfaces, ensuring consistent coverage. Once applied it provides immediate microbial kill and remains active when dry — mechanically disrupting pathogens via cell lysis to reduce recontamination.

  • Forms a permanent monomolecular layer on ductwork.
  • Immediate microbial kill on application.
  • Active when dry — extended antimicrobial protection.
  • Mechanically disrupts pathogens via cell lysis.
  • Supports compliance with air-quality and hygiene standards.
RA-Guard application / virus visual
Bacteria types neutralised
0+
UK HCAI cost to NHS / year
£0B
Hospital-acquired infections / year
0M+

Source: published clinical data on Hospital Care-Associated Infections (HCAI). 28,500 patient deaths, 7.1m occupied hospital-bed-nights (21% of total availability), 79,700 sick-days of absenteeism annually in the UK.

Project process & valuation

From land report to shovel-ready — one process.

Over three-quarters of solar farms fail in their first six months due to pre-funding mismanagement. RA-ESG's proprietary software manages every step of the chain.

01 / INITIAL STUDIES

Discovery

Land report. Irradiation study. Grid connectivity.

02 / FEASIBILITY

Validation

Indicative tariff. Cashflow projections. CAPEX & OPEX.

03 / TECHNOLOGY

Design

Grid impact. Design study. Energy & autonomy.

04 / FUNDING

Capitalisation

Seed capital. Mezzanine. Main round project funding.

DCF Valuation

Discounted cashflow

Value = Σ C(1+y)t  +  FV(1+y)n
WACC (Weighted Avg. Cost of Capital)
0%
Project valuation by capacity (USD M)
100 MW
$150M
250 MW
$375M
500 MW
$750M
1 GW
$1,500M
2 GW
$3,000M

Assumes $1m/MW EPC cost. Discounted cashflow basis (Deloitte/Axcentium). A 100MW farm produces ±192 GWh, $17.3m/year, $553m over 32-year project life.

Revenue stream examples

Three routes. One investment thesis.

Residential solar
Example 01

Residential PV & Battery Storage

A small residential Solar PV and Battery Energy Storage System (BESS). Median installed price for residential solar has fallen over 80% since 2000.

43%Of global solar PV is residential / commercial
$0K2024 cost of a residential PV system (was $13K in 2000)
Example 02

100 MW Solar Farm — Africa

Industrial-scale grid-tied facility on a 25-year Power Purchase Agreement at $0.12/kWh wholesale. Generates ~200 GWh annually.

$0MAnnual revenue
$0MTotal gross profit, years 1–25
$0MCAPEX, fully amortised after year 10
100 MW solar farm Africa
EV charging station
Example 03

EV Charging Infrastructure

Distribution and installation of Electric Vehicle Charging infrastructure. Access to advanced software and super-fast EV chargers at competitive UK/EU pricing.

$0B → $0BEV charging station market, 2023 → 2033
0%ChargePoint revenue growth, year-on-year
0M+New EV charging points added in 12 months
Investing with RA-ESG

Four routes for every investor profile.

From simple income bonds through to direct project participation, RA-ESG offers sustainable / renewable energy investment opportunities at every level — including Shariah-compliant Riba-free structures.

Debt instruments

Income & Growth Bonds

GBP · EUR · USD  |  3 or 5 year terms

0% or 15% p.a.

Income Bonds pay 1% per month; Growth Bonds compound at 15% p.a. Listed on Vienna Stock Exchange MTF, Euroclear, Clearstream and Bloomberg. Fully asset-backed, guaranteed by a Trust Deed and Fixed & Floating Debenture over 100% of RA-ESG PLC assets and shareholding.

Equity

Preference & Ordinary Shares

GBP · USD  |  Minimum 2-year hold

0%–0%

Ordinary shares by private negotiation. Participating Preference Shares pay a minimum guaranteed 12% p.a. dividend with an additional targeted 6% p.a. profit-share.

Shariah

Shariah-Compliant Shares

GBP · EUR · USD  |  Riba-free

0%–0%

Shariah-compliant Preference Shares and syndicated solar panel management. All structures are Riba-free; some have the "Guaranteed Return" clause removed for stricter compliance.

Direct participation

Solar Panel & Project Finance

GBP · EUR · USD  |  Seed & mezzanine

0%–0%/mo

Syndicated solar panel management from $100/panel up to complex hybrid debt/equity project finance. Minimum guaranteed 1% per month ROI (targeted 2%).

Project portfolio

11 projects. $2.8 billion aggregate valuation.

Every project is government-backed or backed by a multinational off-taker. The portfolio spans Mauritius, Zimbabwe, Tanzania, Namibia, South Africa, Mozambique and Montenegro — with development in Belize, Colombia, Portugal, Italy and Croatia.

MUR1

Carreau Accacia

Mauritius
$59.6M
Capacity40 MW
Generation82 GWh p.a.
Tariff$0.10/kWh
Revenue$7.3M p.a.
EPC cost$44M

40MW facility in southern Mauritius. Grid-connected, supplying energy directly to the Central Electricity Board under the tender scheme.

MUR2

Bras D'eau

Mauritius
$14.9M
Capacity10 MW
Generation21 GWh p.a.
Tariff$0.10/kWh
Revenue$1.8M p.a.
EPC cost$12M

A small 10MW project on 26 hectares of land in north-east Mauritius. Falls under the CEB Tender Scheme.

ZIM1

Puri Farm — Alaska

Zimbabwe
$149.6M
Capacity100 MW (2×50)
Generation192.2 GWh p.a.
Tariff$0.089/kWh
Revenue$19M p.a.
EPC cost$108M

Two 50MW projects in Zimbabwe. Grid-connected, supplying energy to large multinational mining and steel production off-take partners.

TANZ1

Msonga

Tanzania
$35M + asset
Capacity25 MW
Generation44.2 GWh p.a.
Tariff$0.10/kWh
Revenue$5M p.a.
EPC cost$27M

EPC cost guaranteed by 440,000 oz of proven gold. RA-ESG has taken substantial shareholding and control. A commodity swap (Energy for Gold).

NAM1

Keetmanshoop

Namibia
$80M
Capacity54 MW
Generation100 GWh p.a.
Tariff$0.08/kWh
Revenue$8.5M p.a.
EPC cost$60M

30km east of Keetmanshoop. Direct connection to NamPower via the Kokerboom high-voltage sub-station, near the 2.9MW Neckertal hydro dam.

ZIM3

How Mine

Bulawayo, Zimbabwe
$447M
Capacity300 MW
Generation778 GWh p.a.
Tariff±$0.10/kWh
Revenue$54M p.a.
EPC cost$320M

300MW facility on private land, predominantly supplying the How Gold Mine in Bulawayo, Zimbabwe.

ZIM4

Triangle

Zimbabwe
$67M
Capacity45 MW
Generation100 GWh p.a.
Tariff$0.089/kWh
Revenue$8M p.a.
EPC cost$55M

Grid-connected facility supplying energy to large multinational mining and steel-production off-take partners.

ZIM5

Beitbridge

Zimbabwe
$68.5M
Capacity46 MW
Generation121 GWh p.a.
Tariff$0.089/kWh
Revenue$8.5M p.a.
EPC cost$55M

On both sides of the Zimbabwe / South Africa border — the busiest border post in Southern Africa. Phase 1 is 46MW, expanding to 100MW.

RSA1

Brandvlei

South Africa
$1.5B
Capacity1 GW (4×250MW)
Generation3,200 GWh p.a.
Tariff$0.07–0.08/kWh
Revenue$220M p.a.
EPC cost±$1B

A substantial 1GW solar facility in the best irradiation zone in South Africa. RA-ESG's land partner is also the owner of the Namibian site.

MOZ1

Boane Agro

Maputo, Mozambique
$12.8M
Capacity10 MW
Generation18 GWh p.a.
Tariff$0.08/kWh
Revenue$1.8M p.a.
EPC cost$12M

A phased bankable pilot energy scheme for an agro-industrial green housing estate and food processing zone on the Beluluane extension of Boane.

MONT1

Somina — Niksic

Montenegro
$375M
Capacity240 MW
Generation457 GWh p.a.
Tariff$0.10/kWh
Revenue$47M p.a.
EPC cost$200M

A newly acquired instruction currently under negotiation.

Valuation methodology: DCF with average tariff $0.09/kWh, 32-year useful life, 6% p.a. borrowing, 6.72% WACC, $1m/MW EPC cost, 40% EPC residual value. All project documents (Cashflow, Google Earth locations, Bill of Quantities, Energy Report, BESS Report, Design Report, Financial Analysis, Layout, Powerflow, Cables, Posts, Land Lease, PPA, EPC Contract, Grid Impact Assessment) available subject to NCNDA.

How are funds protected?

A 25:1 chain of security.

Secured Investors hold $25.00 of security for every $1.00 invested. Projects and their PPA energy sales are securitised and underwritten by government or bank guarantees. Where sovereign cover is insufficient, RA-ESG contracts directly with large multinational energy users.

Investor RA-ESG PLC Security TrusteeAmicorp (UK) Ltd. Fund Recipients — JV · Debt · Equity Investment 100% Pledge of Assets Investor Security (25:1) Funds Deployed Pledge of Assets back  

Securitisation strategy

Most multilateral banks remain reticent to lend into emerging markets due to a perceived lack of bankable security, despite GDP growth there (4.3% in Africa, vs 1.3% UK, 1.4% EU). RA-ESG solves this by combining:

  • PPP execution with state-owned utilities — direct access to private intensive energy users.
  • Fixed & floating debentures over private companies with strong balance sheets.
  • Sovereign State Guarantees combined with the multinational off-taker collateral.
  • A debenture over 100% of RA-ESG PLC shareholding and assets.
  • Ongoing security from the Power Purchase Agreement itself.
Service providers
Security Trustee

Amicorp (UK) Ltd.

3rd Floor, 5 Lloyds Avenue, London EC3N 3AE, UK.

Holds the Default Security Assets on behalf of Bondholders in the event of payment default.

Auditors / Accountants

Cooper Healey

374 Cowbridge Road, Cardiff CF63 4LR, UK.

Cooper Healey Audit Services Ltd. annual audit. Cooper Healey Coates Ltd. ACCA — quarterly accounts.

Paying & Listing Agent

Bond Capital House GmbH

Bahnhofstrasse 10, 8001 Zürich, Switzerland.

Listing & payment agent for Vienna Stock Exchange MTF.

Valuation

Deloitte / Axcentium

WACC methodology and discounted cashflow valuation.

Independent project valuations applied across the 11-project pipeline.

Team / Directors

The people behind RA-ESG.

TJ
Tim Jonck CMIWFM, TMIET, NDEA.Dip
Technical Director (Non-Exec.)

Radar Systems Specialist with the SANDF, then military broadcast engineer in critical environments. Energy assessor and thermographer who designed an anti-microbial ventilation system during Covid. Technical Advisor to RA-ESG.

Contact us

Ready to invest in sustainable energy?

Office
71–75 Shelton Street
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